Charity Number: 1169414
THE HETTON CHARITABLE TRUST FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024 REGISTERED AS A CHARITY UNDER THE CHARITIES ACT NO. 1169414
GRAVITA BUSINESS SERVICES LIMITED Chartered Accountants
Aldgate Tower 2 Leman Street London E1 8FA
THE HETTON CHARITABLE TRUST FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
| Page | |
|---|---|
| Trustees’ report | 1 – 2 |
| Independent examiner’s report | 3 |
| Statement of Financial Activities | 4 |
| Balance Sheet | 5 |
| Notes to the accounts | 6 - 9 |
THE HETTON CHARITABLE TRUST FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
Trustees Saul David Biber Marsha Biber Charity Registration Number: 1169414 Investment Advisors Evelyn Partners 45 Gresham Street London EC2V 7BG Accountants Gravita Business Services Limited Chartered Accountants Aldgate Tower 2 Leman Street London E1 8FA United Kingdom Solicitors Thomson Snell & Passmore LLP Heathervale House 2-4 Vale Avenue Tunbridge Wells Kent TN1 1DJ
THE HETTON CHARITABLE TRUST TRUSTEES’ REPORT
FOR THE YEAR ENDED 5 APRIL 2024
The Trustees present their report and accounts for the year ended 5 April 2024. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Charity’s Trust Deed, the Charities Act 2011 and the Statement of Recommended Practise: Accounting and Reporting by Charities, preparing the accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) issued on 16 July 2014. The report takes account of the requirement for Trustees to report annually on public benefit and the Trustees have had regard to the Charity Commission’s guidance on public benefit.
Structure, Governance and Management
The Hetton Charitable Trust is an unincorporated trust and was constituted by a Deed of Trust dated 26 May 2015, and is a registered Charity number 116944. It is registered at Aldgate Towers, 2 Leman Street, London, E1 8FA. The Trust commenced its activities in March 2017.
The Trustees are appointed by the Settlor for an indefinite period. The Trust Deed dated 26 May 2015 provides for two individual Trustees.
At the initial Trustees’ meeting, the Trustees agreed the broad strategy and areas of activity for the Charity, including consideration of the making of donations and sponsorships. The day to day administration of the Trust is carried out by the Trustees.
The Trustees who served during the period under review were:
Saul David Biber Marsha Biber
Risk Management
The Trustees are of the opinion that there are no material risks, due to the nature of the Charity.
Objectives & Activities
The objectives of the Foundation are to advance such charitable purposes (according to the law of England and Wales) as the trustees see fit from time to time.
The Trustees must use the income and may use the capital of the Charity in promoting the objects, but no part of the property and funds of the Charity may be used for the benefit of the settlor or any spouse or civil partner of the settlor.
The Trust is and unrestricted Trust.
Review of the Year’s Activities
During the year, the Charity made donations and sponsorships totalling £51,239 (2023 £63,892).
Public Benefit
The Charity’s aims were carried out for the public benefit which was achieved through making donations and sponsorships. During the year the company made a number of donations, varying in size from £100 to £25,000. The largest donation for £25,000 was made to Israel Guide Dog Centre (UK) (2023 - £25,000 Israel Guide Dog Centre (UK)).
Reserves
The trustees maintain a sufficient level of reserves to ensure that the Charity can achieve its objectives. There are no plans to change this strategy in the future. At 5 April 2024 the reserves of the Charity were £4,837,734 (2023 £4,455,626).
1
THE HETfoN CHARrrABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2024 (continued) Re¢ruitinent & tralnlng of tnmtees No policies have been adoptgj for the recwitment and training of truslees. as these are not necessary to hjlfil the aims of the (arrty Post balance sheet events There are no post balance sheet events of note. Trustees Responsibilities In Relatlon to the Accounts Law applicable to Trustees in England and Wales requires Ihe Truslees to prepare a(xx>unts for eath n(ial year whmth give a true and fair of the Charity's financial adivibes during the year and of its finanaal position at the end of the year. Ir) preparing the accounts. the Trustees are required to.. select sUrtab aOUntIng policies and then appty them ¢51$ten. observe the methods and ptinLiples of the Chanties SORP; make judgments and estimates that a reasonable and wjent. state whether applicable arx¥)unting standafds have been follthved, subp( to any material departures dlOSed and explained in the aCcunts,. arKI prepare the accounts on the going ¢oncem basis unless it is inapwopriate to presume that the Charity will continue in operation. The Trustees are responsible for keepir¥J aCxxrrti re(x)rds whhth disc*tse with reasonable a(racy the financial position of the Charity and enable them to ensure that the a(tfjunts o)mply with the char"eS Act 2011. the Charity {Ac(x)unts and Reports) Regulation 2CK)8 and the prowsion kthe trust deed. They are also responsible for safeguarding the assets ofthe Chanty and hence taking reasonable steps for ts prevenlion arKJ detecA of fraud and other irregulariiies. The Trustees are resp)nsible for Ihe maintenance and integrity of the Charity. Approved by the Trustees aThJ ggned on Iheir behalt by: Saul David Biber 0610112025
THE HETTON CHARITABLE TRUST
Independent examiner's report to the Trustees of The Hetton Charitable Trust
I report to the trustees on my examination of the accounts of the Hetton Charitable Trust (the Trust) for the year ended 5 April 2024, which are set out on pages 4 to 9.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011(‘the Act’).
I report in respect of my examination of the Trustee’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
(1) accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
(2) the accounts do not accord with those records; or
(3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Filiz Zekia
for and on behalf of Gravita Business Service Limited
Chartered Accountants
Aldgate Tower 2 Leman Street London E1 8FA
6 January 2025
3
THE HETTON CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 5 APRIL 2024
| Unrestricted | Unrestricted | ||
|---|---|---|---|
| Funds | Funds | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Notes | |||
| INCOMING RESOURCES | |||
| Investment Income | |||
| Bank interest receivable | 8,608 | 2,263 | |
| Interest on Treasury deposits | 4,301 | 286 | |
| Dividends received | 55,513 |
56,437 | |
| Total incoming resources | 68,422 |
58,986 | |
| RESOURCES EXPENDED | |||
| Charitable donations | (51,239) | (63,892) |
|
| COST OF GENERATING FUNDS | |||
| Administrative costs | 3 | (26,129) |
(25,312) |
| Total resources expended | (77,368) |
(89,204) |
|
| Net operating expenditure before fair value adjustments | (8,946) | (30,218) |
|
| Profit/(Loss) on disposal of investments | (3,384) | 26,583 |
|
| Fair value adjustment in respect of investments | 394,438 | (297,788) | |
| Net operating income | 382,108 | (301,423) | |
| Fund balances brought forward | |||
| at 6 April 2023 | 4,455,626 |
4,757,049 | |
| Fund balances carried forward | 4,837,734 | 4,455,626 |
|
| at 5 April 2024 |
All amounts relate to continuing activities.
All recognised income and expenditure are included in the financial activities which show the total net movement in funds for the year.
4
THE HETfoN CHARfTABLE TRUST BALANCE SHEET AS AT 5 APRIL 2024 2024 2023 Current Assets Cash at bank and in hand Investrnents Other debtor5 Accrued interest 632.279 4,098,015 114.3 3,376 675,404 3,697.270 92.598 51 4.847.976 4.465,323 Credltors: amounts falllng due wlthin one year (10.242) (9.697) Net current assets 4.837.734 4.455,628 Total netniabilibes assets 4.837,734 4,455,626 Funds and Reserves UnreStrted funds 4.837.734 4.455.826 Total Charity Funds 4.837.734 4.455,626 Approved by the Board of Truslees and syned on its behalf. Saul David Byber Marsha Bit)er 06. 0/. 2025
THE HETTON CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2024
1. Accounting policies
1.1 Basis of preparation of accounts
The financial statements have been prepared under the historic cost convention. The financial statements have been prepared in accordance with the Statement of Recommended Practice – Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) issued on 16 July 2014 and the Charities Act 2011.
The Trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.
1.2 Income recognition
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Donations are recognised once received.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the bank.
1.3 Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.
Grants payable are payments made to third parties in the furtherance of the charitable objectives of the Charity. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attached to that grant is outside of the control of the Charity.
6
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE PERIOD ENDED 5 APRIL 2024
THE HETTON CHARITABLE TRUST
1.4 Financial instruments
The Charity has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.
Short term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Statement of Financial Activities in ‘administrative expenses’.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.
Offsetting
Financial assets and liabilities are offset and the net amounts presented in the accounts when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Charitable activities
Cost of charitable activities comprises grants made.
Governance costs
Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These costs include costs related to statutory audit fees together with other overhead costs.
Funds structure
Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These costs include costs related to statutory audit fees together with other overhead costs.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor or trust deed.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor or trust deed.
7
NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 5 APRIL 2024
THE HETTON CHARITABLE TRUST
2. Taxation
The Hetton Charitable Trust is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.
| 3. Administrative costs Audit and accountancy fees Investment management fees Legal and professional fees |
2024 £ 4,920 20,859 350 26,129 |
2023 £ 4,620 19,992 700 |
|---|---|---|
| 25,312 |
4. Employees
The Trust had no employees during the year (2023 – Nil).
5. Cash at Bank
| Bank deposit accounts 6. Investments Managed securities at market value 7. Other debtors Cash balance held by fund manager Balance held by Smart Giving |
2024 £ 632,279 2024 £ 4,098,015 2024 £ 109,657 4,649 114,306 |
2023 £ 675,404 2023 £ 3,697,270 2023 £ 81,360 11,238 92,598 |
|
|---|---|---|---|
8
THE HETTON CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 5 APRIL 2024
8. Creditors - Amounts falling due within one year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Other creditors and accruals | 10,242 | 9,697 |
9. Trustees remuneration
The trustees received no emoluments or reimbursement of expenses (2023 – Nil).
9